Never Go A Bridge Too Far

1. Never Go A Bridge Too Far www.mayfairbridging.com

2. Bridging loans can be extremely useful.. Bridging loans can be extremely useful but only if you have a full understanding of how it works and also have an emergency contingency plan. These loans are typically used in property transactions but any other purpose will be considered with the one proviso that it is a legal operation and there is collateral usually in the form of property unencumbered with mortgage. The essence of a bridging loan is that it is for a short term period before another solution is in place. This is why it used to commonly be given by banks and building societies back in the heady 1970’s when these institutions couldn’t hand out cash fast enough.

3. Enormous bridging loans were offered.. In those days a house owner might be selling his property but couldn’t wait until the completion before having to buy the new one. Enormous bridging loans were offered as long as that person remained with the same building society. Mortgage top-ups were very easy to obtain and as long as there was equity in the house, building a new extension or garage was easy to fund. Today of course the banks and building societies are very much more cautious about lending money and perhaps you cannot blame them although you can blame the greed at senior level that got them into this position.

4. Buying to let is a typical reason along.. Buying to let is a typical reason along with buying a dilapidated property with the intention of carrying out repairs and then selling or letting. Bridging finance is available from Mayfair Bridging for any number of reasons and every case is dealt with swiftly on its own merit. An online application can receive a provisional yes on the same day and sometimes within an hour or two. If all proceeds to plan it is often the case that cleared funds are in your account within the week and this is particularly useful when buying property at auction.

5. At property auctions it is usual to have.. At property auctions it is usual to have to pay 10% on the day should you win the bid and it’s also usual that the auctioneers will demand the balance is paid within the next 28 days. Even if the property is likely eligible for mortgage from a bank or building society there is absolutely no way the funds will be released by either of those institutions within such a short period of time. Many of us have been in a position where we have a sound proposition we are prepared to back up with our property and even the local bank manager might agree but unfortunately local managers have had powers removed and cannot grant a loan without referring to regional office.

6. Lawyers will get involved.. They in turn may have to refer to head office and then perhaps lawyers will get involved and so it goes on wasting time and money until the opportunity has been missed. With this company there is a far more refreshing approach and if they like your idea and you can back it up then the short term bridging loan is yours. Summary: PPT Posting on bridging finance that used to be easily obtainable from banks and building societies particularly back in the 1970’s when both those institutions couldn’t hand cash out fast enough.

7. Thank You Get in touch with -  mayfairbridging.Com Contact us: 9 riversway business village Navigation way Preston Pr2 2yp T: 01772 788888 F: 01772 788887 e: info@mayfairbridging.Com, W: www.Mayfairbridging.Com